Irish Statute Book uploaded The European Union (Alternative Investment Fund Managers) (Amendment) Regulations 2014 (SI 379/2014) which
- makes changes to the AIFM Regulations and the UCITS Regulations (Regulations 3 (c) and 5) to transpose the requirements of the Credit Ratings Agencies Directive (CRAD) which aims to restrict the reliance on ratings provided by credit rating agencies and to refine the requirements for risk management accordingly. These requirements must be transposed into Irish law by 15 December 2014. The effective date of these amendments coincides with the transposition deadline,
- clarify that the Investor Compensation Company Limited (ICCL) may levy Alternative Investment Fund Managers (AIFMs) and UCITS managers who are covered by the Investor Compensation fund (where they offer additional non-core services of individual portfolio management, investment advice and safekeeping and administration of CIS and, in the case of AIFMs, receipt and transmission services),
- clarify that non-EU AIFMs must apply to the Central Bank of Ireland (Central Bank) for approval before marketing in the State,
- clarify that AIFMs offering individual portfolio management services must comply with MiFID client asset requirements, that AIFMs may maintain client asset accounts for processing "subscriptions and salesperson moneys" and these must also comply with MiFID client asset requirements
- correct a number of errors in the European Union (Alternative Investment Fund Managers) Regulations 2013 (SI 257 of 2013).